I was just wondering how much money you get back per child on taxes this year.
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I was just wondering how much money you get back per child on taxes this year.
Depends on how much you make.
Each child's exemption is a deduction of $3,300. If you are in the 10% tax bracket, that means $330 less in tax per child. However, each child under age 17 is also good for $1,000 Child Tax Credit.
Plus, if you make less than about $32,000, your family will qualify for an Earned Income Credit.
If your Adjusted Gross Income hits about $225,000, you begin to LOSE all the personal exemptions for yourself and the children.
What is the EIC amount this year?
I cannot tell you that off the top of my head. It depends on:
- Your total income.
- How many children are involved.
- Age of the children.
- Your marital status.
Provide that information and I can do a rough calculation.
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